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Boston Industrial Real Estate Market Expected to Thrive in 2019

Michael Snedeker

As the executive vice president of Elite Building Corp. in Lynnfield, Massachusetts, Michael Snedeker spearheads all aspects of building development for a commercial real estate development firm. As part of his professional duties, Waltham, Massachusetts, resident Michael Snedeker pays close attention to commercial real estate trends both nationally and locally.

Boston has been at the forefront of the commercial real estate boom over the past decade, and according to analysts, that trend will continue in 2019. Industry groups suggest the city’s forecast growth is due to the number of tech jobs drawing highly skilled STEM graduates. Specifically, the industrial sector of the city’s commercial real estate market is expected to thrive in 2019.
According to an analysis by industry publication National Real Estate Investor, Boston ranks as one of the nation’s top warehouse real estate markets for 2019, with average rents and occupancy rates each going up almost every year since 2012. Within this sector, high-end distribution and manufacturing spaces have been high demand, largely because of the exponential growth of the region’s biopharmaceutical industry.
Among other notable trends, industrial properties north of Boston have become increasingly scarce as rents have increased and vacancies have declined. Some analysts believe this will provide new opportunities to commercial real estate construction and development firms who may have previously balked at developing on the city’s North Shore because of the high cost.

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